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tv   FOX Business After the Bell  FOX Business  April 19, 2013 4:00pm-5:00pm EDT

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shares here. at last check they were down just about 4%. but you're right, reportedly not one, but two entities pulling out of the bid to take dell private. david: quickly ate's talk about google. [closing bell rings] david: it was up. david: it is not down. all of the indices barely managing to pull out a gain here. nasdaq had been gaining early on. the drag from the 8% loss of ibm pulling the dow down until late hours of trading. it could still settle in negative territory but looks like it will be positive. all the indices, when you think of all the troubles in the world beginning right here at home, beginning in boston, it is extraordinary the way this market pulled out gains today. again the vix, the volatility index is way down. real investors. there is a real positive move by investors that shows itself with all the indices. the biggest gainer by the way was the nasdaq. very close behind was the
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small and mid-sized caps represented by the russell 2000. liz: keep in mind when the fed is very much involved you will see a market that tends to move higher. big earnings movers today, general electric ending the day lower despite the company's first-quarter earninns climbing 16%. economic weakness in europe is worse than expected. you can see the dow, while cutting in half a 16-point gain at the very last minute is still up eight or nine points. mcdonald's fell as profits barely inched up in the first quarter. the world's largest restaurant chain suffered from declining sales trends and slower customer traffic. david: let's look at the action in the commodities pit. they have been very busy this week. gold was up for the second straight session. you have to look at the whole week. the rend is the friend or enemy. in this case it is the enemy. gold ending down more than 7% this week at $1395 an ounce. compare that to past weeks. this is very bad day or week
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for gold. up a tick today. oil ending the trading day higher but falling into the red for the week. crude settled at $88.01 per barrel, posting a weekly loss of 3.6%. "after the bell" starts right now. david: as thousands of law enforcement officers havee3 thrown a dragnet over the suburban areas west of boston the president and federal law enforcement officials are assessing the situation from their offices in washington, d.c.. liz: peter barnes is joining us now from the white house with the latest. and we want to remind our viewers, we have on delay a lower part of our screen dedicated to the developments in a live camera on the scene in watertown. peter, to you first. >> reporter: well, liz, we haven't heard much out of the white house since this morning when the president was briefed by his national security team in the white house situation room. you can see in this photo he
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is joined by fbi director mueller. his national security advisor, lisa monaco, attorney general eric holder. you can see the back of vice president biden's head to the right of this picture. white house deputy press secretary josh ernest telling one of our fox news colleagues this morning the president is not trying to micromanage the situation up there. which is one reason why we haven't heard more from the white house today. meantime the dragnet for the younger brother. dzhokhar tsarnaev, continues in watertown. officials tell our colleague, catherine herridge at fox news that investigators are combing through all of the digital communication between the two brothers and anything we've seen online, to try to find any ties to radical islam or any terrorist groups. in the meantime it turns out that the brothers have an uncle who lives here in the
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washington area, in the maryland suburbs. reporters call caught up with him this morning and he told the younger brother who is now on the run to give up. >> i say, dzhokar, if you're alive, turn yourself in and ask for forgiveness from the victims, from the injured, and from those who are left, ask forgiveness from these people. >> reporter: press secretary jay carney had scheduled his regular daily briefing earlier today but that has been postponed. we're waiting to see if we will hear from carney later today. david and liz, back to you. david: again, if there is a press conference of any kind that bears referencing, we will bring to you live right here on fbn, so you don't have to miss a thing. peter barnes in d.c., thank you very much. >> reporter: you bet. liz: we need to mention the bruins game has been
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canceled tonight in boston. same with the red sox game. the markets showed real strength through through the last hour of trading. let's get to the markets. john hummel says stock selection is key no matter what is going on with the world. he has the top play ways to play the market. scott bauer is in the middle of all the action in the pits of the cme. scott, to you first. what was at the forefront of traders minds? was it the boston situation and tte fact we still can fight back here? >> no. i think today was more or less just a breather. and i say a breather. i mean the dow, if you take ibm out of it was up 125, 130 points or whatever. liz: right. >> today was a breather across the board. look at the commodities space. look at even the vix, david which you referenced a few minutes ago. david: yeah. >> down quite a bit today, settling under 15. given what we've seen all week, the gyrations back and forth today was a breather. now that being said ibm revenues, gg, these are
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global bellwethers that don't portend well at least for the coming, earnings season and maybe even going into the summer and later in the year. so i think there's still a lot of caution out there. i think today was a real good opportunity actually to get back in and buy some protection now that the vix is back down here. i do think we'll see it spike back up next week. you saw the commodities space almost unchanged today. when's the last time we saw that, right? gold, oil, when's the last time we saw that? today again was a breather. in the options market, today's expiration really relatively calm day, especially again, given what we've seen this week, very, very surprising. david: very surprising. john, let's pull back. we talked about ibm. there are winners too. google had numbers that pleased the market. look back at the entire earnings season so far. we had enough bellwethers, in tech and items, other
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areas of the economy to get an idea how earnings are going. what does that tell but the overall economy, what we've seen so far with earnings, john? >> our view is we're still in very luggish growth and real opportunities are coming out of the easy money policies of the central banks along with the emerging middle class in the developing world and so we're looking at, we're very bullish on commodities. we're very bullish on companies that produce those. companies that are helping find oil, that have sophisticated technology in the oil service area. we think the overall market is really still in a secular trading range that it has been in for the last 13 years and up at the upper boup drills of that. liz: john, are you spooked at all what seems years ago and it was earlier this week, the gdp of china missed estimates? it was lower than expected growth? and you still believe in commodities why? because a lot of chinese still need to be fed and
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need to build skyscrapers? what is the your focus here? absolutely. 7.7% gdp growth is still history high for most economies. clearly a little slower than was expected. they're going through some growing pains right now as they sort of shift from being a totally export driven economy to seeing the middle class expand. china this decade will probably see a tripling of its middle class from about 14%, to 43%. and that's an extremely powerful event. it is historic. and it is going on in the rest of the emerging world as well. david: scott, let me bring it back home for a second if i can. i will read off the percent of decline we've had over the past couple weeks since the highs of the various markets. the dow is down 2.2%. the s&p down 2 1/2%. nasdaq is down almost 3% but that's not the kind of
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correction that we thought we were going to get. we were hering from five to 10%. is that all we're going to get? is this correction of 2 to 3%? is that it? >> here is my viewpoint on it, david. there is still so much incredible amount of money on the sidelines i think it will stair step. i think we will see it eventually down four or 5% but very gradual like we've seen because at every little pullback we're seeing money come into the market propping it back up. i think you give it through this earnings season. i wouldn't be surprised to see s&p's down another two, 3% from here. same with the dow. not in the most, one-sided, volatile way that maybe we've seen in the past. i think we're going to have two steps back, one step forward. two steps back, one step forward. kind of like the last week and a half is gone. liz: john, that doesn't mean people can't make money. let's show some of your picks. you have anadarko petroleum
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and tesco, and core labs. behind these names is there a common thread you want investors to know about? >> well there is. we're always looking for tailwinds, economically and financially, and tractor supply is benefiting from the, the rapid income growth that is taking place with the, with the farm sector. we think that is going to continue. and then, company like core labs has very sophisticated technology that's enabling oil companies to figure out how to get more oil out of existing fields. how to better develop new fields. and anadarko is company that has been very successful drilling off the west coast of africa which is really a new reservoir area. those are the types of things we're looking for. david: john, i just got the wrap but i have to ask you a quick question. do you see, one thing that could blow up the fed's plans if we have an increase in inflation but we've
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looked at inflation stats. they look pretty mild. do you think it's possible that inflation could creep up on us? >> we do. we think that inflation is going to start with raw materials. it is going to be stronggr in the developing world earlier but then it is going to feedback into the developed world in terms of raw material costs. liz: listen, thanks to both of you, john hummel. david: ais capital management president and scott bauer at the cme. scott we'll check back with you in a few minutes to see how the s&p futures end. david: thanks gentlemen. the extreme intense manhunt house to house for the second boston marathon bombing suspect, could the suspects work alone or could a more larger dangerous organization behind this. liz: this is live picture in watertown, massachusetts. just a few miles from downtown boston where there is massive manhunt underway are if the second suspect the first suspects was killed overnight. flight delays could get a
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whole lot worse courtesy of government cutbackss. remember sequestration? it is coming to an airport from you. we want to hear about that. faa warns of thousands of flight delays, will you change your travel plans? drivers take the trains instead? log on to facebook.co facebook.com/afterthebell. we'll read your responses later this hour. please don't move. we're right here for you. ♪ [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not.
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david: it was down week but up day at least toward the end of the day. s&p futures are closing. head to scott bauer at the pits of the the cme. what does it look like for monday, scott? >> now that volatility settled in, i think we'll have more volatility coming into the market next week. really monday and tuesday, we get existing home sales and new home sales. i think those will be two key economic reports among all of the earnings reports that we'll see. expect more volatility next week. david: we've be watching scott bauer. >> have a good day.
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liz: doch bank raised its price target on the company. let's go back to lauren simonetti on the floor of the new york stock exchange with chipolte news. >> hi, liz. several companies raised their price target on chipolte, several brokerages. this is phenomenal gain, up 11 1/2%. $366. this is when deutsche bank was getting out. so was raymond james. the analyst basically saying, you have this double-edged sword of raising prices right? you need to raise prices because there is food inflation out there. you risk actually turning away customers because the menu got more expensive. both deutsch and raymond james maybe chipolte will not be so fast to raise those prices because commodity costs are easing and stablizing a little bit. the analyst at deutsche bank said considering this macro environment chipolte might not want to do that so quickly. there is so much competition in share of your stomach pace, right with burger king, panera, and mcdonald's.
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they are all doing restaurant innovations and menu changes appeal to customers who are watching their every penny. back to you. david: thanks, lauren. have a good weekend. liz: the burrito bowl is popular item at fox business because they're just across the street. major airlines in america have a new destination and that is federal court. david: they're suing the government. they're hoping to head off expected big flight delays that are coming next week or expected for next week. jeff flock following that story at o'hare international air board in chicago. jeff, what is the story? >> they say the government could stop this if it wanted to but they're using it as a political football. look at this for example. this is weather day. see all the yellow? those are all delayed flights. this is typical weather day. they say that will be like that every day from here on in. here is the very latest, the airline trade group filed suit in the appellate court in d.c. to try and say with the furloughs that the faa says it has to impose as a result of sequestration.
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they said they got to save money. they will make every air traffic controller take a day off every two weeks. this, they say, is going to happen because they have to do it because of sequestration. they don't exppct the court to act on their motion to stay this until after sunday. and sunday's when it will all kick ff. it could be a mess by monday. here is what the airline pilots' association says about all of this. it says, air traffic should not be furloughed period. they are using the airlines system as a political football. that, the captain and the president of the airline pilots association. a lot of republicans have charged that the obama administration is actually trying to make this look worse, make sequestration look worse for the republicans and not taking steps to try and make this system better. ray lahood and company said, hey listen, you want us to save $400 million a year. we have to do it somehow. this is how we're doing it. take a look at airline
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stocks. today they're doing pretty good. i want to focus on southwest. it had a great year. so have all the airlines. they're up over 60% year-to-date. even if you look today the stocks are okay. but i'll tell you, if what they say is going to happen on sunday and monday here and going forward. those airline stocks are headed just the other way. if we have the kind of delays they're talking about, real quick before i get away, show the towers, if you have the pictures of the towers out here. what will this mean, these furloughs? there won't be enough controllers. o'hare will have to shut down one of its two air traffic control towers. that means fewer runways can operate and fewer flights can take off and land. they say it is going to be a mess. i'm going on vacation. if it is a mess, i don't care. david: i hope you're drivings and not flying wherever you are going. >> flying flying sunday like a dummy. liz: he will be fine. david: we'll see. it is an interesting lawsuit. we'll follow it carefully. have a great weekend. have a great vacation.
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>> thanks, david. liz: we get back to the boston manhunt. we have right there in the lower part of your screen, every development. former homeland security advisor weighs in what will come of this. were the two suspects likely working alone or did they have an entire network behind them? david: talk about a contrarian call, china's growth may be slowing but someone says now is the perfect time to get in when everybody else is selling. he will tell us why and how to play it coming next. liz: is that a title? everybody has different investment objectives, ideas, gls, appetite for risk. you can't say 'one size fits all'. it doesn't. that's crazy. we're all totally different. ishares core.
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liz: breaking news. the city of boston is in lockdown mode as the manhunt continues in search of that second suspect in the boston marathon bombings. david: of course the first one was killed last night. many questions remain including motive and how this manhunt might end. joining to us weigh in on the situation, joe grano, centurian ceo and former director of homeland security advisory council. that is the role we want to focus and also the business aspects of this. joe, thanks for coming in. there is a lot of concern on the part of some, that this could be part of something bigger. that these guys had more sophisticated training than they could have developed on the internet. that they have traveled someplace or at least older brother to get it. is that your biggest concern, joe? >> certainly one of the major concerns, particularly if they're a sleeper cell and operating in an independent fashion without direction without the successes we had overseas. that does concern me.
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given their success with this, it is hard to argue that we're dealing with a neophyte. liz: okay. let's just say that's true. the neophyte, at least one of them, somehow, joe, got away. have you heard from any of your enforcement sources about how that could have happened? was even with his older brother who was, when all was said and done, riddled with gunshots? >> no, i haven't heard anything to that context at all but i think if we're fortunate we'll catch the younger man alive and we'll be able to find out exactly to what extent they're being supported and by who. david: joe, you were chairman of the homeland security advisory board for couple years, right in those critical days and years after 2011, after 2001, november 11th or, september 11th, 2001. what role does business have in all this? what role does business have in trying to secure our national security a little more than it is? >> well that was one of the
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frustrations when i chaired that council which was tremendous with mueller, people like, judge webster who headed fb it, cia and they are just will people. there's a lot that needs to be collaborated between the private sector and government and it starts with sharing information. if you don't indemnify the private sector for sharing the information whether it be transactional or not it is difficult for them to do. david: how do you that? explain what you mean by indemnify them? >> holding them harlless from lawsuits. if i give you transactional data for the government to scrutinize you have to hold me harmless so i don't get sued for sharing customer information. that needs to get done in our country. above and beyond that i think we have the obligation in our private sector when i was chairman of ubs, poeflt 9/11 we had calls every single day across the country alerting our workforce which totaled over 10,000, what to expect. what was going on.
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good communications is up pair tiff. they have to like all americans exercise more vigil. liz: one of the most brilliant pieces of investigative material they put out there was the pictures. within four seconns practically these guys were on the run and they were trapped like rats. certainly suspect number one never made it. big firefight in the middle of the night. fox business's griff jenkins was right there. he witnessed the whole thing. no less than 100 gunshots exchanged but the fact is in were many different law enforcement groups that have, you know, descended upon the boston area. is that from what we have learned post-9/11? by the way here is video. you can hear in the background some gunshots that happened back then. just stunning. >> we have learned and in our estimation we are much more safer than we are then. but we're not safe. we have such a porous
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society. the reaction of law enforcement and first responders have been just phenomenal. as much as this is a sad part of our history and what we're seeing with what happened in boston, it is also a proud moment in seeing how people are coming together. liz: yes. >> i think people should never underestimate the resolve of the american people. david: joe, what about the resolve of wall street? it is extraordinary that the vix came down about 12% today when all this is going on. how resilient do you think the market will be towards events like this? >> hopefully they not be repeated in any level of frequency but i don't think the market is reacting at all to this. david: doesn't seem to be. >> it is do moralizing but it is not affecting sentiment. what you're seeing in the market particularly the last two weeks is more recognition of slowing down of revenues on a global basis. secondarily we all know we're getting somewhat dependent on the low cost of money or no cost of money
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that we're getting from the feds. so that, to me is the biggest issue. once that goes away, i think you will see a serious contraction. liz: joe green know, we sew appreciate you getting on the phone for us. thank you very much. david: thanks a lot joe. have a good weekend. would you invest in china following disappointing gdp and trade balance numbers? our next guest has a view that could surprise you. liz: the faa warning thousands of flights could be delayed as the sequestration cuts are apparently going to hit sooner rather than later. will you now change your travel plans. jeff flock isn't. he will still fly on vacation. go to facebook.com/afterthebell. we'll read your thoughts. ♪ clients are always learning more
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david: time for a look at today's market drivers. stocks pushing higher closing near session highs. all major indices posted weekly biggest losses this year, down more than 2%. telecom and consumer staples were today's top performing sectors while energy and technology lagged. gold rising for the marked ends week down 7%, at 1395.60 an ounce.
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copper sliding one point 7% today. pushing metal into bear market territory on worries that slowing global growth will lead to a supply glut. copper is down 20% from the high that was hit in february last year. liz? liz: that is a perfect segue because one of the biggest consumers of copper is china. we got a slew of disappointing data out of china this week starting with the company's gdp falling short of expectations. should investors get out of the world's second largest economy? our next guest says absolutely not. he has names for you. he is joining us for our contrarian call. jeff, i'm not going to even ask you that question because we know you already found some real opportunities there. first let's go to the mack ocoee issue. when -- macro issue. when does china rebound more than what people are hoping so far? >> i'm pretty okay with the growth china is putting up right now. we need to remember the
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global growth slowdown, 7.7% is still pretty good. i think another key thing people are missing that inflation was only 2.1% in march and that's ell below the government's target of 3.5%. i think that combination of steady growth and low inflation is a pretty good environment to be investing. liz: and i get that but when might we start to see a turnaround? >> i think if you look at data, the march lending was pretty strong too. we've seen good lending in the first half of the year in terms of loan growth. we're expecting this in the second quarter and second half of the year that some of that loan growth would flow through to the economy. we would start to see, maybe slightly better than expected gdp growth. liz: we got very excited by bringing you on the show because every time somebody comes on to talk about china they pick baidu and names we've already heard. you have names that many people out there have not yet heard. they do trade as adrs. american depository receipts, and i want to get to them because i want to give people an opportunity to hear about each one.
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start with ticker symbol vip s. this is e-commerce flash sales site where there is merchandise 40% off. >> yes. so, e-commerce in china is taking off rapidly but it has been very difficult to play. i think one of the reasons why it is difficult to play, it is difficult to find a company growing in terms of e-commerce but is also profitable. vip shops is selling winter coats at 40 to 50% discount. it is all branded stuff. they will send out a flash sale, winter coats who% off for the past two days. we've seen tremendous growth. liz: this is up 267% over the past year and has a billion market cap. >> i think what was interesting this was an ipo came and nobody wanted to pay attention to it. at the same time the company was growing, 100, 200%. we're projecting 100% top line this year, greater than 100% bottom line. we think this is an interesting way to tap into
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the burgeoning consumption going on in china and way to play e-commerce. liz: dumb question i think you believe that kind of growth will be mimicked next year or slightly lower? >> i think we'll see 100% type growth this year in 2013 and i think we could see 70 to 80% in 2014. they're rapidly expanding warehouse space to take on more inventory. sell something no problem. the problem is can they find enough warehouse space to put it before it is sold. liz: this company is a cop that works old 2 g to 3 g phones, correct? >> when everyone gets excited in china, apple and galaxy phones are selling real well which they are. that is very small part of the growth going on within smartphones within china. most of the smartphone growth is coming, players like cool pad, lenovo, and phones cost 50 to 60 u.s. dollars.
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spreadtrum provides phones for largely for china mobile network. we see 20% growth. trades five times earnings. liz: by the way we'll put the names up on facebook.com/afterthebell page. let's get your next pick. this is sort of a social e-commerce or social media play where host data centers are able to absorb all that is happening in the social networking world. >> yeah. it's really a derivative play on internet services in china. besides e-commerce we're seeing a huge, be huge pickup in terms of social networking sites as well as online video. online video in china is set to replace traditional tv. traditional tv in china run by the government. online tv is more in terms of that. 21 vianet is kind of like where we have here the internet companies are looking to 21 vianet to host share servers. more internet services continue to get adopted we'll see more companies
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roll out servers and that will play into their handss trading seven times ebitda looks pretty attractive to us. liz: jeff, very interesting names. we love to have new names on the show. yep papp. thanks very much. >> nice to be with you. david: we're getting breaking information about the situation in boss is it ton 15 police officers were hospitalized as result of that chase that night that led to the death of one of the suspects. of course the other suspect is still at large. as a result police are shutting down businesses schools, universities and public transportation in boston. the hunt for the marathon bomber suspect goes house to house. what is the economic impact on the city? well, not every business is closed. we will be talking to the owner of one coming right up. liz: plus google wins again and they're calling it a victory for all internet users. what are the details on this? of course we'll have it for you coming right up. ♪ we know a place where tossing and turning have
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there's a land of restful sleep, we can help you go there, on the wings of lunesta. >> i'm dennis kneale with your fox business brief. a volatile day on wall street ends with a surprise. all three major indexes closing up and in the green. at the closing bell the dow finishing up 10 points at 1,547. despite an 8% plunge in shares of ibm. they would have been eight points higher without ibm's slide. the taxman will issue furlough notices saying the agency will be closed five days in the next four months with unpaid leave of the because of sequester. a 6th and 7th day may be added in august and september. philadelphia's third annual tech week is kicking off in a big way, very big. resurrection of atari's very
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first videogame, pong, will be played at large on the mirrored facade of a 20-story skyscraper. the tournament kicks off at 8:00 p.m. that's the latest from fox business, giving you the power to prosper @
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david: back to boston now. law enforcement officials have suggested that folks in boston and many of its western suburbs stay home as they search for the missing terror suspect but, some bostonians did go to work today including our next guest. he is ihs senior u.s. economist. greg, where are you exactly? what part of boston? >> i'm in lexington, just 20 minutes outside of boston. david: okay. how many people besides yourself came to work today? >> not that many to be honest. david: were you, sort of debating as whether to go to work or to telecommunicate from home? >> yeah. i mean i think that's what a lot of people did today. a lot of people telecommunicated that is a big plus now that we have, you know, internet, fast internet. something that most people
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can do. david: have you thought about how you will get home tonight? a lot of areas around the city are still in lockdown? >> that's a question but, i'll ask my question a bit later. david: all right. question about security. what kind of security do you have in your office, other offices where you are and are you thinking in light of what's happen of beefing up that security? >> that might be a question i think most businesses and most people will start thinking a bit more about security going forward, given the extent of events that have occurred over the last week. david: but what do you think? i mean are you thinking of beefing up security at ihs or other employees there, thinking of doing the same? >> i think it might be an option. i think it is an option on the table. we'll have to think about it, going into next week. >> by the way, we are going to get to the economic impact of all this on the boston economy but i want to know about what you were doing at home. if i'm sitting at home in watertown right now and i'm protecting my family, my
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areas in lockdown, i want to have a gun, i want some kind of a weapon, but there are not many weapons in the boston area at home, are they? >> i don't know the exact numbers in terms of weapons in the boston region but i think that by staying at home, most people are probably safe. david: well, hopefully. i mean you don't want to knock on your door from the wrong person. again i might feel more comfortable having a weapon nearby. the economic effect of all this, clearly it's going to affect boston, at least in the short term, right? >> yeah. i think it will have an impact in the boston region. the boston metro economic output is about one billion a day, which represents about 2% of the total output in the u.s. so, yes it will have some disruptions in terms of economic activity in the boston region but i think most of it will be recouped. as i mentioned earlier, the fact that many people are able to telecommute and lessen and soften the impact of this boston lockdown. do you think these are
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changes that be lasting? that is, people might get used to doing telecommunicating from home? >> i think it is already the case prior to all these events. many people, you know, decide to work one day a week at home, or actually work the entire time from home, given the good internet connections that they might have and the possibilities to use webx and different features of internet to produce work. >> now there's some service industries, particularly i'm thinking of the restaurant industry hitting hard by this they were already getting hit hard by the economy, weren't they? >> yeah, that's a traditional sector that endures losses that can not be recouped. if a business person was not able to go to the restaurant today, they might, they can't go twice tomorrow to make up for the loss. so that is the typical sector that would see the most losses, the losses that can not be recouped. david: we were jjst talking to joe grano about what use
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businesses can be in working in terms of revitalizing an area after it has been hit hard by some kind of a security problem like this. is there some way in which the business communities around boston are going to get together to try to repair the damage? >> i mean i think in general most businesses tend to favor strong rebound for their own good but alsoofor the community in which they contribute. so businesses might have different programs that they ask their employees to join and help victims of this tragedy. david: all right. greg, listen, get home safe tonight. it might not be that easy. we thank you for joining us. greg is senior u.s. economist for ihs. appreciate it. >> thank you. liz: google wins a major decision but it is actually not just a victory for them. it could impact all of us. that story next. ♪ .
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liz: so viacom has spent years trying to convince a court that google's youtube is a brazen copyright violator, even calling them the napster of video.
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david: you don't want to do that. but viacom just lost a key decision. dennis kneale joining us now with details what it will all cost them. denis? >> it might be me saying they look at them as the napster of video. get this, viacom's copy rye infringement lawsuit has been a shadow looming over google's youtube for seven years but now may be lifting. then again, maybe not. a federal judge in new york tossing out viacom's complaint for the second time in three years. that same judge first dismissed viacom's billion dollar lawsuit back in 2010, citing youtube's practice of yanking infringing material whenever copyright holders complain. a federal appeals court sent the case back to trial, saying you have to figure out whether youtube knowingly forbidden fare get posted. then it looked the other way. now the original judge came back and say hey, up to you, viacom to prove that youtube turn as blind eye. youtube doesn't have to
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prove it doesn't. so he crushed the case yet again. viacom vows an appeal. but the big question is why? youtube has grown hugely since google acquired it for $1.6 billion in 2006. it's a great platform promoting shows to millions of viewers who never would have seen them. the cite has gone to great lengths to set up automatic takedown system for copyright infringement. dozens of media companies and cable channels have their own channels on youtube, sharing a cut of ad sales. youtube has even struck deals with paramount pictures and the comedy central channel. and both are owned by viacom. youtube streams comedy central's "the daily show" and south park. the that prompts the original viacom complaint. the thing is viacom still doesn't get it. you can not block the internet wave if you're moses. you have to surf it. maybe viacom ought to drop the appeal and strike a deal with youtube instead, guys.
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it is time. david: we'll see if a deal happens, dennis. we have breaking news on boston we want to share with you at a 5:30 eastern time that is little more than half hour from now. there will be a press conference in watertown, massachusetts, of course that is the area that has been affected the most since this suspect wouldn't on the lamb. you're looking at a live picture of watertown. this press conference should include by the way the boston mayor. liz: boston mayor and no doubt, boston pd. the fbi has been in control of this situation but many different law enforcement agencies have been involved. david: keep it right here. we'll cover the presser about 35 minutes from now. we asked you if you would change your travel plans now that the faa says thousands of flights could be delayed because of sequestration. we have some of your answers coming up next. liz: plus major economic data set to hit the tape next week. you need to hear the preview. set up your portfolio. stay tuned. ♪ .
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vocasion this year. year. david: mike wrote in there is always a chance of display, expect one and plan for it. liz: time for top 3 things to watch next week, number one two pieces of housing data, that is come dan with existing home sales for march. we have new home sales. david: number two thing to watch will be march durable goods numbers that is out wednesday morning that will give you an idea of how the economy is going, economists are expecting order to fall to .8%. liz: gross domestic product for q1, economists are expecting to see 3% for the quarter. we shall see, this always has the potential to move the market. david: 5:30,

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